A longstanding Philadelphia company that recently purchased a high-profile downtown Atlanta surface parking lot is extolling its short-term prospects for making money and future redevelopment potential. 

Real estate investor and operator Parkway Corporation, which was founded in Philly more than a century ago, announced Tuesday it has closed on the sale of a 113-space parking lot at 289 Marietta St. NW for an undisclosed price. 

The deal marks Parkway’s first acquisition in the Atlanta market. 

Spanning nearly 51,000 square feet, the surface lot covers a full corner of a downtown block in heart of the city’s tourism district, across the street from the College Football Hall of Fame and the Hilton Garden Inn Atlanta Downtown. 

The Georgia Aquarium, Centennial Olympic Park, State Farm Arena, and other attractions are also within a few minutes’ walk. 

Parkway officials said the acquisition continues their push for more holdings in “high-growth urban markets,” and marketing materials note the site is available for development now. 

Looking south, the 113-space parking lot in question along Marietta Street. Google Maps

Parkway Corporation

For now, however, Parkway has hired The Car Park to run parking operations on the downtown corner. 

“We believe the neighborhood’s trajectory makes this one of the best-positioned urban sites in the Southeast,” said Rob Zuritsky, Parkway’s president and CEO, in a statement. He also applauded the site’s “irreplaceable location,” “multiple demand generators” nearby, and “clear upside [for] eventual vertical development.”  

Proximity of the Marietta Street surface lot in question to major downtown Atlanta attractions. Google Maps

The parking lot purchase expands Parkway’s portfolio to 11 states, with other assets in Charlotte, Raleigh, Orlando, Denver, Fort Worth, Kansas City, and Philadelphia.

“We’re excited to enter Atlanta with an asset that generates strong current cash flow in the center of one of the busiest sports and tourist districts in the country,” said Dave Dobkin, Parkway’s managing director and head of acquisitions. 

“Building on the momentum of the World Cup and the large-scale transformation underway at Centennial Yards,” Dobkin continued, “we see a rare convergence of near-term demand and long-term development potential.”

Google Maps

...

Follow us on social media: 

Twitter / Facebook/and now: Instagram  

• Downtown news, discussion (Urbanize Atlanta)